The banking hall of shame

Monday 26 September 2011

Article by Mozo

With winners, come losers.

The People’s Choice Awards are about highlighting which financial institutions are at the top of their game – who have the most satisfied customers, the best products and bring something amazing to the world of banking.

However, it is hard to ignore the other end of the scoreboard. The providers who have routinely failed to provide the products and service expected of them and received an absolute panning from their customers.

It is with a solemn nod of the head and arms-crossed that we welcome the following providers to the podium. Please hold your applause.

Welcome to the hall of shame…

GE Money: rated 4.30 out of 10
Citibank: 4.43
HomeSide: 4.83
American Express: 5.59
Aussie: 6.23

Out of the doom and gloom there were some good signs.

American Express was actually the most improved institution this year, with an overall score jumping from 4.36 in 2010 to 5.59 this year. Right behind was GE Money, improving from a dismal 3.08 in 2010 to their slightly less dismal 4.30.

These cellar-dwellers have a long way to go before they can challenge the likes of Greater Building Society (9.18 out of 10) or ING Direct (8.85) but it is great to see them going in the right direction.


The winners revealed

For the full run-down of this year’s winners, checkout the People’s Choice Awards page.

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